Case Brief
The Reserve Bank of India, in public interest, extended the existing Directions imposed on United Co-operative Bank Limited, Bagnan, West Bengal under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (AACS). The directions, originally issued from the close of business on July 18, 2018 and last extended up to October 18, 2020, were further extended from October 19, 2020 to January 18, 2021. RBI also clarified that this should not be construed as cancellation of the bank's licence, and that the bank may continue banking business subject to restrictions until its financial position improves.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Bagnan, West Bengal